IMF to select new head by Oct 4

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Washington

The International Monetary Fund plans to select a new leader to replace Christine Lagarde at the global crisis lender by Oct 4, the IMF board announced on Friday. That would mean a new managing director will be in place in time for the IMF annual meeting in mid-October.
Lagarde resigned her post effective Sept 12 as she awaits final word on her nomination to the presidency of the European Central Bank.The IMF board confirmed a commitment to “an open, merit-based, and transparent process for the selection of the next managing director,” the institution is widely expected to continue the 75-year tradition of picking a European to lead the fund, while an American has always led the IMF’s sister institution, the World Bank.—AFP